Housing Market Update: New Jersey - April 2025

For residential real estate activity in the state of New Jersey

U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-overyear to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-overmonth in all four regions, with the West experiencing the largest decline, at 9.4%.

• Single Family Closed Sales were down 4.3 percent to 4,184.

• Townhouse-Condo Closed Sales were down 3.9 percent to 1,584.

• Adult Communities Closed Sales were down 15.9 percent to 552.

• Single Family Median Sales Price increased 6.7 percent to $575,000.

• Townhouse-Condo Median Sales Price increased 3.2 percent to $425,000.

• Adult Communities Median Sales Price increased 4.2 percent to $370,000.

Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over-year to $403,700 as of last measure.

Data as of May 20, 2024. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2024 ShowingTime